Curious about the cost to develop an app like OKash? You’re not alone.
With the rise of mobile lending platforms, apps like OKash have taken Kenya by storm, providing quick and easy access to loans for millions of users.
But building an app like OKash doesn’t come cheap, and there’s a lot that goes into the final price tag.
On average, the cost to develop an app like OKash can range between $40,000 and $120,000.
This figure depends on various factors, including the app’s complexity, the number of features, and the team behind the development.
Whether you’re looking to develop a full-fledged OKash clone or just curious about the numbers, this guide will walk you through everything you need to know.
By the end, you’ll have a clear idea of how much it might cost to make your own loan-lending app and why the investment is well worth it.
So are you ready to dive into the details? Let’s get started.
OKash – A Lending App Superstar
If you’re in Kenya, chances are you’ve heard of OKash.
OKash allows users to apply for small loans directly from their mobile phones, offering a smooth, fast, and convenient borrowing experience.
This app has quickly gained popularity, providing instant loans with minimal hassle, all without the need for collateral.
Launched by Opera in 2018, OKash leverages Kenya’s growing mobile money ecosystem to offer users quick loans directly into their M-Pesa accounts.
With a user-friendly interface, the app appeals to a wide audience, from small business owners to individuals needing emergency cash.
It’s no wonder that OKash has over a million downloads, making it one of the top players in Kenya’s digital lending space.
The secret to OKash’s success? Speed.
Loan applications are processed within minutes, and users can receive funds in as little as five minutes.
Plus, with flexible repayment terms and competitive interest rates, OKash offers a solution that’s both accessible and affordable.
It’s this combination of efficiency and reliability that has cemented OKash as a must-have app for anyone looking to borrow on the go.
OKash’s Core Features
OKash is loaded with features that make it a go-to app for users seeking quick and reliable loans.
If you’re thinking of building an app like OKash, these core features are a must-have to ensure user satisfaction and engagement:
- Easy Registration: Users can sign up with their phone number or social media account, ensuring a smooth onboarding process.
- Quick Loan Application: Applying for a loan takes just a few taps. Users can choose the loan amount and repayment period without unnecessary paperwork.
- Instant Loan Approval: Thanks to advanced algorithms, OKash can evaluate loan applications in real time, often approving loans within minutes.
- Flexible Loan Amounts: Users can request varying loan amounts, from small emergency funds to larger sums, depending on their credit score and history.
- Immediate Disbursement: Once approved, the loan amount is instantly sent to the user’s M-Pesa account, ensuring they get their funds quickly.
- Repayment Reminders: The app sends automated reminders to help users stay on top of their repayment schedules, reducing the risk of late payments.
- Credit Scoring: OKash uses AI-driven credit scoring based on user behavior, payment history, and mobile data to evaluate loan eligibility.
- Loan History & Management: Users can view their loan history, outstanding balances, and repayment progress in a simple dashboard.
- Push Notifications: OKash sends personalized notifications for repayment reminders, special offers, and loan eligibility updates.
- Security Features: With encryption and multi-factor authentication, OKash ensures that user data and transactions are safe from fraud.
- Flexible Repayment Terms: The app offers different repayment options, allowing users to select terms that suit their financial situation.
- 24/7 Availability: OKash operates round the clock, allowing users to apply for and receive loans at any time, day or night.
- Customer Support: Users can access live customer support via chat for any issues or inquiries related to their loan or app functionality.
- Referral Program: OKash encourages users to refer friends and family by offering rewards or cashback incentives.
- Loan Limit Increases: Based on repayment history and credit score, users may qualify for higher loan amounts over time, fostering loyalty and repeat business.
These features form the backbone of OKash’s success, making it a highly reliable and user-friendly lending platform.
Building an app like OKash with these features will not only attract a wider user base but also ensure smooth functionality for both lenders and borrowers.
Why Develop a Loan Lending App Like OKash?
Kenya has witnessed a significant rise in the use of mobile lending apps, and OKash stands out as one of the top players.
But why should you develop a loan lending app like OKash? Here are three key reasons backed by statistics:
♦ Growing Mobile Loan Demand
Kenya has embraced mobile technology like few other countries, and the demand for digital loans has skyrocketed.
In fact, over 35% of Kenyan adults have taken out a mobile loan, according to the Financial Sector Deepening (FSD) Kenya report.
With such a huge market, building a loan app like OKash can tap into a thriving user base, where millions of people are looking for quick, accessible credit solutions.
♦ High Smartphone Penetration
With smartphone penetration in Kenya reaching 54%, mobile lending apps have a vast audience to target.
People rely on their mobile phones for everything from banking to shopping, making it easier to introduce a loan lending app that fits into their everyday digital habits.
A lending app like OKash offers convenience and speed, two factors that make it even more attractive in this growing mobile-first environment.
♦ Increasing Financial Inclusion
Mobile lending apps like OKash are instrumental in enhancing financial inclusion, especially for underserved populations.
By 2022, Kenya’s financial inclusion rate had jumped to 83% percent, driven largely by mobile money platforms like M-Pesa and apps like OKash.
Developing a similar app allows you to contribute to this trend, helping people who might not have access to traditional financial institutions get the credit they need, whether for personal emergencies or small businesses.
With the mobile loan market expanding rapidly and a growing number of users seeking flexible financial services, the opportunity to create an app like OKash is clear. By developing such an app, you not only meet the needs of a large audience but also position yourself to capture a significant share of the mobile lending industry in Kenya.
Average Cost to Develop an App Like OKash
Now that you’re aware of the benefits, let’s talk numbers.
The cost to develop an app like OKash can vary significantly based on a range of factors such as the complexity of the app, the features you want to include, and the development team you hire.
However, on average, you’re looking at a development cost between $40,000 and $120,000.
This price range covers everything from designing the user interface to integrating complex features like real-time loan approvals and AI-driven credit scoring.
Keep in mind that building an app with advanced security measures and a smooth user experience can push the cost toward the higher end of the spectrum.
To give you a clearer idea, here’s a simplified loan lending app development cost breakdown for developing an app like OKash:
| Components | Cost Range |
| App Design | $5,000 – $15,000 |
| Frontend and Backend Development | $20,000 – $50,000 |
| API Integrations (M-Pesa, etc.) | $10,000 – $20,000 |
| AI & Machine Learning Features | $8,000 – $25,000 |
| Testing & QA | $3,000 – $7,000 |
| Deployment & Launch | $2,000 – $3,000 |
This table represents the average cost range for each component, giving you a ballpark figure to work with.
Of course, these app development cost can vary depending on the specific requirements and customizations for your OKash-like app.
Ultimately, the cost to build an app like OKash will depend on the features you choose, the quality of development, and whether you go for a local or offshore development team.
Factors That Affect the Cost to Develop an App Like OKash
The cost to develop an app like OKash is influenced by several factors.
Each feature, technology choice, and development complexity can either increase or decrease the overall cost to develop a fintech app.
Below, we break down 10 key factors that impact the cost and show how each contributes to the final budget.
1. App Design Complexity
The design of your app plays a huge role in user experience.
An app like OKash needs to be visually appealing while maintaining simplicity for users applying for loans.
The more custom and engaging the design, the higher the cost.
If you’re aiming for a sleek and intuitive interface, be prepared to spend more.
| Design Type | Cost Impact |
| Simple Design | $5,000 – $7,000 |
| Medium Complexity | $7,000 – $12,000 |
| Advanced Custom Design | $12,000 – $15,000+ |
A simple design may suffice if you’re building a basic version, but an advanced custom design will make your app stand out.
This decision directly affects the cost to build an app like OKash.
2. Platform Choice: iOS, Android, or Both
Developing an app for both iOS and Android will naturally raise the cost to create an app like OKash compared to developing for just one platform.
However, to capture a broad user base, it’s usually a smart choice to go cross-platform.
| Platform | Cost Impact |
| Single Platform | $10,000 – $20,000 |
| Both Platforms | $20,000 – $40,000 |
A single platform approach may save costs in the short run, but to maximize reach, building an app like OKash for both platforms ensures wider accessibility, especially in markets like Kenya, where users are divided between iOS and Android.
3. Backend Development
Backend is the powerhouse of any loan lending app. It processes all critical data, handles user information, and manages loan applications.
The complexity of your backend will greatly influence the cost to develop a loan lending app like OKash.
| Backend Complexity | Cost Impact |
| Basic Backend | $8,000 – $12,000 |
| Medium Complexity | $12,000 – $20,000 |
| Advanced Backend | $20,000 – $35,000+ |
A basic backend might be suitable for small-scale operations, but if you plan to build an app like OKash with advanced features like real-time loan approvals, credit scoring, and scalability, you’ll need a complex backend, which will increase your OKash app development cost.
4. AI-Driven Credit Scoring
AI in fintech is wreaking havoc, and this is just one example.
One of OKash’s standout features is its AI-driven credit scoring system.
By analyzing user data, AI can predict creditworthiness in real-time, enhancing the user experience.
However, integrating AI and machine learning can significantly raise the OKash clone app development cost.
| AI Features | Cost Impact |
| Basic AI Integration | $8,000 – $12,000 |
| Advanced AI (ML Models) | $12,000 – $25,000+ |
AI features can vary from simple data analysis to advanced machine learning models. The more sophisticated the AI system, the higher the cost to make a loan app like OKash.
However, AI-driven features offer high ROI by automating processes like loan approval and fraud detection.
5. Third-Party API Integrations
Integrating third-party services, such as M-Pesa for mobile money transactions, Twilio for SMS notifications, or Plaid for financial data, is critical for a lending app.
These integrations enhance functionality but come at a cost, depending on the complexity and number of APIs used.
| API Integrations | Cost Impact |
| Basic Integrations | $5,000 – $10,000 |
| Multiple Integrations | $10,000 – $20,000+ |
For an app like OKash, integrating with M-Pesa is essential for loan disbursement and repayment in Kenya.
The number and type of APIs you need will directly affect the cost to develop an app like OKash.
6. Loan Management Features
Key to any lending app is how well users can manage their loans.
Features like flexible repayment options, loan history tracking, and repayment reminders add to the app’s value but also increase the cost to build an app like OKash.
| Loan Features | Cost Impact |
| Basic Loan Features | $5,000 – $8,000 |
| Advanced Loan Features | $8,000 – $15,000+ |
These loan management features can include complex repayment schedules or custom loan limits, which enhance the app’s usability but require more development time, affecting the final OKash clone app development cost.
7. Security Features
Handling financial data means security should be a top priority.
To create an app like OKash, you’ll need robust encryption, multi-factor authentication, and fraud detection systems.
Skimping on security can lead to vulnerabilities, which is why it’s crucial to invest in these features.
| Security Features | Cost Impact |
| Basic Security | $3,000 – $5,000 |
| Advanced Security | $5,000 – $10,000+ |
The cost to develop an app like OKash can rise significantly if you implement advanced security measures like biometric verification or blockchain technology.
But ensuring user data is protected is non-negotiable for a loan lending app.
8. Testing & Quality Assurance
A fully functional, bug-free app is essential for retaining users.
The more features you include, the more time and resources will be required to thoroughly test the app. Quality Assurance (QA) ensures your app runs smoothly, minimizing issues after launch.
| Testing & QA | Cost Impact |
| Basic Testing | $3,000 – $5,000 |
| Advanced QA | $5,000 – $7,000+ |
Comprehensive QA is crucial, especially in loan lending app development, where users expect seamless functionality.
Inadequate testing can lead to app crashes or security breaches, which can cost much more in the long run.
9. Maintenance & Updates
The app development process doesn’t end at launch.
Regular app maintenance and updates are required to keep the app running smoothly, fix bugs, and introduce new features.
A well-maintained app ensures users continue using it over time.
Here’s breakdown of app maintenance cost:
| Maintenance Plan | Cost Impact |
| Basic Maintenance | $2,000 – $4,000/year |
| Advanced Maintenance | $4,000 – $8,000/year |
Keeping your app up-to-date ensures user satisfaction and helps avoid major technical issues. When planning the cost to develop a loan lending app like OKash, be sure to account for ongoing maintenance costs.
10. Development Team Location
Where hire app developers can have a massive impact on the overall cost.
For example, hiring a US-based team will generally be more expensive than opting for an offshore team from regions like India.
Here’s a breakdown of cost to hire app developers.
| Team Location | Cost Impact |
| US/Europe | $80 – $200/hour |
| Offshore (India, etc.) | $20 – $50/hour |
Choosing the right development team is critical to managing the cost to create an app like OKash.
Offshore teams can significantly reduce costs without compromising on quality, as long as you select a reliable and experienced team.
By carefully selecting which features and technologies to implement, you can manage the OKash clone app development cost to fit your budget while ensuring you deliver a robust, feature-rich app to your users.
How Long Does It Take to Develop an App Like OKash?
The time it takes to develop an app like OKash depends on the scope and complexity of the features, as well as the size and expertise of your development team.
On average, it takes between 4 to 8 months to develop a fully functional loan lending app like OKash, from initial design to final deployment.
Here’s a general breakdown of the development timeline:
| Stage | Timeframe |
| Research & Planning | 2 – 4 weeks |
| UI/UX Design | 4 – 6 weeks |
| Frontend & Backend Development | 8 – 12 weeks |
| API Integrations (M-Pesa, etc.) | 3 – 5 weeks |
| AI & Machine Learning Integration | 4 – 8 weeks |
| Security Implementation | 3 – 4 weeks |
| Testing & Quality Assurance | 4 – 6 weeks |
| Deployment & Launch | 1 – 2 weeks |
The total time needed to build an app like OKash varies depending on the complexity of the features and the size of your development team.
While a basic version of the app could be completed in as little as 4 months, more advanced features like AI integration and multi-platform development could extend the timeline up to 8 months.
Managing your time effectively is key to ensuring your app hits the market on schedule, especially in competitive markets like Kenya’s digital lending space.
Here’s How to Drive Revenue in Your OKash Clone
Developing a loan lending app like OKash is just the beginning.
To ensure your app is financially sustainable and profitable, you need to implement solid monetization strategies.
Here are several methods to drive revenue with your OKash clone, along with potential earnings for each.
| Monetization Method | Revenue Potential |
| Interest on Loans | 15% – 30% profit per loan |
| Late Payment Fees | 5% – 10% of loan amount |
| In-App Ads | $0.10 – $2 per click |
| Referral Programs | 5% – 10% extra earnings |
| Loan Processing Fees | 1% – 3% of loan amount |
| Premium Features | $5 – $20 per month per user |
| Data Monetization | $10,000 – $50,000+ annually |
► Interest on Loans
The most straightforward way to generate revenue is through interest rates charged on loans.
Just like OKash, you can offer short-term loans with competitive interest rates.
The interest earned can vary depending on the loan amount, repayment period, and user’s creditworthiness.
- Revenue Potential: A well-structured interest rate could bring in 15% – 30% profit per loan, depending on the local regulations in Kenya.
► Late Payment Fees
Late fees are a significant revenue stream in the lending industry. If users miss their repayment deadlines, a late payment fee can be applied.
This not only generates revenue but also encourages timely repayments.
- Revenue Potential: Late fees could range from 5% – 10% of the loan amount, depending on the app’s policy.
► In-App Ads
You can also monetize through in-app advertisements, especially if your app has a high user base.
Ads could be strategically placed in the app, offering an additional revenue stream without interrupting the user experience too much.
- Revenue Potential: Depending on user engagement, in-app ads could generate $0.10 – $2 per click.
► Referral Programs
OKash leverages referral programs where users invite friends and earn rewards. You can implement a similar strategy by charging partnering brands for user acquisition.
Each referral can be monetized based on successful user conversions.
- Revenue Potential: Referral programs could drive up to 5% – 10% extra earnings per referred user, depending on the campaign and partner deals.
► Loan Processing Fees
Charging a small fee for processing loans can create an additional revenue stream.
While this fee should be kept minimal to maintain user trust, it can add up when processed at scale.
- Revenue Potential: Processing fees could range from 1% – 3% of the loan amount, providing a consistent stream of income.
► Premium Features
While the basic functionality of the app can remain free, you can offer premium features to users for an additional fee.
For instance, users could pay for quicker loan approvals, higher loan limits, or access to detailed financial reports.
- Revenue Potential: Premium features could be offered at a flat rate or subscription model, bringing in $5 – $20 per month from users who opt-in.
► Data Monetization
If done ethically and in compliance with data privacy laws, anonymized data can be sold to financial institutions or marketing firms.
User behavior, credit scores, and loan data can provide valuable insights.
- Revenue Potential: Data monetization could generate an additional $10,000 – $50,000+ annually, depending on your user base.
By integrating these strategies, you can ensure your OKash clone app not only provides users with a valuable service but also brings in significant revenue for your business.
Nimble AppGenie – Your Loan Lending App Development Partner
When it comes to developing an app like OKash, you need more than just a development team—you need a partner who understands the ins and outs of loan lending app development.
That’s where Nimble AppGenie comes in.
We specialize in creating fintech solutions that are scalable, secure, and built for success. Whether you’re looking to develop an app like OKash or customize a unique lending platform, we provide end-to-end development services tailored to your needs.
Ready to turn your ideas into a top-performing loan app?
Partner with Nimble AppGenie, your trusted loan lending app development company, and let’s build something amazing together.
Conclusion
Building a loan lending app like OKash is a smart investment in today’s digital finance landscape, especially in markets like Kenya, where mobile lending is booming.
With the right features, robust backend, and intelligent monetization strategies, your app can meet the demands of a growing user base and generate significant revenue.
While the cost to develop an app like OKash can range from $40,000 to $120,000, this investment brings the potential for high returns through interest rates, premium features, and additional revenue streams.
Whether you’re targeting small business owners or individuals seeking emergency funds, a well-built lending app can make financial inclusion easier and more accessible.
FAQs
Niketan Sharma is the CTO of Nimble AppGenie, a prominent website and mobile app development company in the USA that is delivering excellence with a commitment to boosting business growth & maximizing customer satisfaction. He is a highly motivated individual who helps SMEs and startups grow in this dynamic market with the latest technology and innovation.
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